Stora Enso Earnings Tumble 12%
After Sales at Largest Unit Lagged

HELSINKI, Finland -- Stora Enso Oyj said Tuesday lower delivery volumes for packaging boards led to a 12% drop in its first-quarter earnings, but the results were above analysts' estimates.

The Swedish-Finnish pulp and paper producer reported pretax profit dropped to 233 million euros (US$251 million), or 0.20 euro a share. The performance was down from 265 million euros, or 0.22 euro a share, a year earlier, but was better than the...